This report provides an analysis of the electric
aircraft market from 2018 to 2023. It discusses industry and technology trends
that are currently prevailing in the electric
aircraft market. It analyzes the factors that drive and challenge the growth of
the electric aircraft market. The electric aircraft market is projected to grow
from USD 99.3 million in 2018 to USD 121.8 million by 2023, at a CAGR of 4.17%
from 2018 to 2023. Lower cost of
ownership of electric aircraft and advantages of electric aircraft over
traditional aircraft are driving the electric
aircraft market.
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By aircraft type, the light jet segment of the electric
aircraft market is projected to grow at a higher CAGR during the forecast
period. Light jets are low-cost carriers mostly used commercially for freight
transport, passenger, and sightseeing, as well as personal use. The emergence
of low-cost carriers has become popular
in emerging markets such as Asia Pacific.
Based on component,
the others segment is expected to lead the electric aircraft market during the
forecast period. The others segment
include electric ducted fans and power electronics. Power electronics are used
to power all crucial aircraft components, including flight control actuation,
environmental control systems, utility functions, and cabin pressurization,
which were conventionally controlled by hydraulic and pneumatic means. Electric ducted fans use multiple propeller
blades attached to a single electric motor in an aircraft.
Europe is projected to lead the electric aircraft
market during the forecast period. The aircraft industry in Europe is aiming to
adopt new advanced materials, such as gamma-titanium aluminides and single
crystals, with improved mechanical properties in the aircraft. These advanced
aircraft will help reduce fuel consumption, carbon emissions, and noise
pollution. There is also the presence of a large
number of electric aircraft manufacturers, namely, PC Aero (Germany), Pipistrel
(Italy), Lilium (Germany), Alisport SRL (Italy), and Schempp-Hirth (Germany) in
the region. These factors are driving the market for electric aircraft in
Europe.
The electric aircraft market in North America is
projected to grow at the highest CAGR from 2018 to 2023. Rising demand for
unmanned aerial vehicles and innovative military jets from the military sector
is expected to drive the electric aircraft market in North America during the
forecast period. There is also the presence of major electric aircraft manufacturing companies in this region such
as Hamilton Aero (US), Wright Electric (US), and Boeing Company (US).
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